India mulls Russian oil companies’ offer on discounted oil

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Finance Minister Nirmala Sitharaman on Wednesday said “a whole lot of factors” will decide on the import of Russian oil to India.
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India mulls Russian oil companies’ offer on discounted oil
Nirmala Sitharaman | File

Guwahati: Russian oil companies are offering huge discounts to India on crude oil which India is mulling as there are several factors at play that need to be taken into account.

Finance Minister Nirmala Sitharaman on Wednesday said “a whole lot of factors” will decide on the import of Russian oil to India.

The finance minister further said Russia reached out to India to offer surplus oil at a discounted rate over the last two to three days.

While discounted oil is a boon for India’s economy at a time when global crude prices have rallied to their highest levels since 2008, Western sanctions on Russia are likely to make it difficult to take up Moscow on its offer.

Meanwhile, the full blown war between Russia and Ukraine has also created a crisis scenario over import of sunflower oil, which is predominantly imported by India in large quantities from Ukraine.

The FM further added that insurance costs of Russian consignments, if India agrees to import Russian oil, will offset any gains from not buying costlier crude from other nations

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